By: 12 May 2014

Clifford James Consultants, the ABS vehicle diminution specialist, is to receive £150,000 in new investment from the European Union, via the North East Growth Fund (NEGF).


Legal Futures has reported that the firm, which received its ABS licence last year, believes that the investment from the NEGF is the best funding option open to it as it looks to significantly expand its client base.


Clifford James is based in Northumberland and was established in 2006, and acts for both individuals and insurance companies making diminution claims.


The NEGF is part of the Finance for Business North East Fund, which distributes money allocated by the European Investment Bank and European Regional Development Fund. It wants to make investments of up to £750,000 in over 100 North East companies which are at a development and growth stage.


“We’re one of the few law firms that have chosen to focus specifically on this area, and we’ve gained a great deal of detailed knowledge about it as well as a leading position within the sector as a result," Stewart Fairhurst, managing director at Clifford James Consultants, told Legal Futures.


“The systems upgrades and new staff training provisions that we’re putting in place will give us the resources we need to take advantage of the many commercial opportunities that we believe are out there for us right across the UK, and we’ll be looking to grow the team on the back of the new contracts that we’re confident will come our way,” he added.